Bankruptcy Exemptions


What Can I Keep In Bankruptcy?

If you are in deep debt and are considering filing for bankruptcy, one of the most pressing questions on your mind may be, "Will I be forced to give up everything I own? Will I lose my home, car, personal items, retirement accounts and other assets?" The short answer to your concern is you will not lose everything. 
At The Law Office of Cliff Brisson, Jr., we have helped thousands of clients find relief from debt while still retaining a certain amount of property. Our attorney has more than 35 years of experience with bankruptcy exemptions in North Carolina. In North Carolina, an individual filing for bankruptcy can claim these things:

- $35,000 exemption for each debtor in his or her home
- $3,500 exemption for one motor vehicle for each debtor
- $5,000 exemption for household goods per debtor, plus $1,000 for each child or other dependent

A $5,000 "wildcard" exemption may also be available to cover any other personal property. In addition, individual retirement accounts (IRAs), 401(k) plans and similar retirement accounts are typically protected.

Wage Garnishment in North Carolina

Wage garnishment is not typically available to judicial creditors for money debts owed in North Carolina. (The exceptions are child support arrearages and delinquent property taxes and income taxes.) This means that in most cases, you will not have to worry about creditors garnishing your hard-earned paychecks.

To learn more about your rights and options in regards to keeping personal property during bankruptcy, call The Law Office of Cliff Brisson, Jr. or send us a message to set up a free initial consultation! Payment plans are available for qualified clients. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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